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– This is the script of CNBC's news report for China's CCTV on June 30, Thursday.
Welcome to CNBC Business Daily, I'm Qian Chen.
As realization around the world set in that the U.K. would vote to leave the EU, the British pound started swooning. Not long after, the currency hit a 31-year low against the dollar.
Some around the world rushed to buy the fallen currency. Travel to the U.K. became instantly cheaper, with British Airlines even promoting a flash sale, tweeting, "Your dollar has never gone further."
For those living abroad and paid in British pounds, however, the decline is immediately painful.
Abigail Nokes, a Researcher and Programme Manager, moved to Singapore with her U.K-based company last year. Her salary is paid in British pounds, which is now forcing her to assess her personal finances. "I'm fortunate my partner is paid in Singapore Dollars and so won't need to make too many changes," she said.
Nokes said she would now be converting less of her salary into Singapore Dollars, compared to normal.
"I'm still hoping that things will calm down a little and it will steady back, although I worry it won't fully recover," she added.
The impact isn't only effecting Britons, however.
Ben Peek, an author based in Sydney, writes for a publisher in the U.K., and his primary income is in pounds. Before Friday, his salary translated to roughly double the Australian dollar, he said, but now he's taking an unexpected pay cut.
"It's too early to see how it will impact the U.K. publishing scene," Peek told CNBC. "Hopefully the impact will be minimal, but everything is quite fluid at the moment, so next week, it might be different."
The pound is getting slight relief this week after falling even further on Monday, but the record two-day 12 percent drop has few analysts forecasting any type of rebound.
The currency exchange market is seeing mass amounts of money transfers.
World First Asia is a foreign exchange transaction firm with offices spread from Hong Kong, U.K. and the U.S.
In the Singapore region, the company has seen a nearly 40 percent increase in registration for its services in May, compared to the previous month and June is on track to set another record.
Given the volatility, World First Asia is also seeing large usage of its clients buying firm orders, which are automated trades made immediately as a currency reaches a certain level desired by their client.
Justin George, a Senior Engineer, who relocated from U.K. last year, was taken by surprise following the currency decline, but considered himself lucky for transferring a bulk of his GB pounds into his SGD account, just days before the vote.
"I thought that paying transfer commission fees may be a better option to taking a hit if the pound value dropped," he said. "Looking at the outcome now, it was a lucky decision."
Still, the steep decline of the pound has left him in disarray. "I anticipated a slight fluctuation following the vote, but to see the pound fall circa 10% against the US Dollar within hours was shocking," he said.
Part of George's salary is paid in SGD, so he doesn't anticipate an immediate impact on his lifestyle, but for his long-term investments back home, he's less confident about. "I'm hoping that this drop in value is only short term and that the country can negotiate deals to bring the value back to previous levels."
CNBC's Qian Chen, reporting from Singapore.
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